Research In Motion(NEW YORK) -- It’s not looking good for BlackBerry-maker RIM. The company has just reported its first quarter results, which saw a significant drop, and has announced that it will be delaying the next versions of its phones.

According to the official release from the company, it brought in $2.8 billion in revenue during the first quarter of the 2012 fiscal year, down 33 percent from $4.2 billion in the previous quarter.

Sales of BlackBerry handhelds were at an all time low of 7.8 million units. And even though the company cut the price of its Playbook tablet, it only sold 260,000 of them. RIM has lost significant smartphone market share to Apple and Android device makers over the last few years.

To that end, RIM announced that it will be cutting 5,000 employees, which should amount to over $1 billion in cost savings.

RIM said it continues to fight, but while it still plans to release its next version of its BlackBerry software -- BlackBerry 10 -- it also announced that it is putting off the release. BlackBerry 10 was due out this fall; the company now says it will not be out until the first quarter of 2013.

“Over the past several weeks, RIM’s software development teams have made major progress in the development of key features for the BlackBerry 10 platform; however, the integration of these features and the associated large volume of code into the platform has proven to be more time consuming than anticipated,” RIM said in a statement.

In January, RIM announced that its longtime co-CEOs, Jim Balsillie and Mike Lazaridis, were stepping down. Thorsten Heins took over as the CEO of the struggling Canadian company.

“Our first quarter results reflect the market challenges I have outlined since my appointment as CEO at the end of January,” Heins said in a statement Thursday. “I am not satisfied with these results and continue to work aggressively with all areas of the organization and the Board to implement meaningful changes to address the challenges.”

Henrik Kettunen/Bloomberg via Getty Images(NEW YORK) -- Finnish cellphone maker Nokia announced on Thursday it's cutting up to 10,000 positions worldwide in an effort to reduce its operating expenses and return the company to profitable growth.

The job cuts are expected to be rolled out by the end of 2013.

"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia's long-term competitive strength," Nokia's President and CEO Stephen Elop said in a statement.

The company outlined plans after the close of the stock market for a “multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better results for customers, employees and shareholders.”

The world’s largest computer maker, based in Palo Alto, Calif., had 349,600 employees as of Oct. 31, 2011.

The announcement was expected by the media and analysts after unconfirmed reports of layoffs last week. HP said it expects “approximately 27,000 employees to exit the company, or 8.0 percent of its workforce as of Oct. 31, 2011, by the end of fiscal year 2014.” The total number of employees affected will be lower because employees are being offered an early retirement plan. Since replacing former chief executive Leo Apothekar in September, HP CEO Meg Whitman has announced declining computer sales amid sharp competition from Apple Inc. and other electronics makers.

“These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business,” Whitman said in a statement. “While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders.”

Hewlett-Packard stock has dropped 18 percent this year. Its shares fell 3.2 percent Wednesday to a closing price of $21.08.

The computer company reported sales fell three percent in its second quarter, which ended in April, to $30.7 billion.

PRNewsFoto/Verizon Wireless(NEW YORK) -- Hewlett-Packard may soon be reducing its workforce by at least 8 percent in an effort save money and offset declining sales.

According to multiple reports, the company is considering cutting between 25,000 and 30,000 jobs. The layoffs come as HP struggles to sell computers amid the rising popularity of tablets.

Citing people familiar with the matter, Bloomberg reports Hewlett-Packard’s enterprise services group, which is responsible for selling a range of information-technology services, may be reduced by 10,000 to 15,000.﻿

Davis Turner/Getty Images(NEW YORK) -- President Obama wants businesses to hire more workers, but Bank of America may announce tens of thousands of job cuts to come in the near future.

Citing people familiar with the plans, The Wall Street Journal reports that America's biggest retail bank could shed as many as 40,000 jobs in the next few years. That's as many as one-seventh of the bank's total workforce.

The reductions are part of a restructuring plan known as "Project New BAC" that top Bank of America executives have created in the face of several lawsuits and bad mortgage loans.

The Journal says bank executives will meet again on Friday to make their final decisions on the job cuts.

SEBASTIAN DERUNGS/AFP/Getty Images(ZURICH) -- UBS AG announced Tuesday that it will be cutting around 3,500 positions in an effort to help reduce its expenses by 2 billion Swiss francs, or $2.5 billion, each year.

The Swiss bank said the job cuts "will be achieved through redundancies as well as natural attrition."

Nearly 45 percent of the staff reductions will come from UBS' investment bank business, while 35 percent will come from its wealth management and Swiss bank business. The remaining 20 percent will be divided evenly among the bank's global asset management unit and its wealth management Americas unit.

Davis Turner/Getty Images(NEW YORK) -- Bank of America is eliminating 3,500 jobs as part of a broad restructuring plan aimed at bumping up profits, reports The Wall Street Journal.

Sources familiar with the matter told the newspaper that the cuts will come during the company's current fiscal quarter and will be widespread. Some of the bank's employees have already been made aware of the reductions, which are scheduled to be completed by September's end.

The Journal also reports that additional job cuts could be on the way. According to one person familiar with the situation, at least 10,000 positions -- or 3.5 percent of Bank of America's workforce -- could be terminated.

A decision on the total number of cuts won't be known until at least early next month, the sources told the paper.

Comstock Images/Thinkstock(CHICAGO) -- Even though job creation may still be weak across the U.S., employment appears to be more stable as more Americans are holding on to their jobs, according to a new report from Challenger, Gray & Christmas.

The outplacement firm found that for the first six months of 2011, planned job cuts fell more than 17 percent, dropping to the lowest level since 2000.

The firm's CEO, John Challenger, noted that this overall decrease came despite a spike in job cuts last month.

"In the month of June, job cuts increased by almost 4,200. It was up 11.6 percent on the month before," he said.

MySpace [dot] com(BEVERLY HILLS, Calif.) -- For the second time this year, Myspace is reportedly preparing to issue layoffs this week, slashing more than a third of its current staff.

According to TechCrunch.com, the social media network plans to lay off at least 150 of its 400 employees -- or 37.5 percent of its staff -- on Wednesday, when Myspace closes its fiscal year. Citing a source familiar with the matter, TechCrunch says another 150 workers or so will be placed on a transition plan, receiving pay for a few weeks as they look for a new job.

These latest cuts would add to the near 47 percent reduction in staff the social networking site made in January.

Myspace's reorganization comes as the site gets ready to go up for sale. TechCrunch reports that the sale could be signed early this week and announced on Friday.